#6 and #12 about sum up the de facto situation.
Yes, the Constitution describes a Republic, but you’ve described what actually happens in practice.
The financial elites during this time have always loved the idea of popular elections and campaigns because they are so easy for them to control their outcomes, thus having their own minions in power with a veneer of public support.
Probably true. However, I’m with Churchill.
Democracy is the worst of all possible system of governments, until you take a closer look at the others.
The ideal system is and always has been benevolent dictatorship by a truly wise man. Unfortunately, such men are rare, and even if you get one, he eventually dies. The chance of his being replaced by an equally wise and benevolent dictator verges on zero.
Democratic republics (or constitutional monarchies, which are really crowned republics) have had by far the longest run in history of general liberty for their citizens.